Fitch said that Nokia's performance over the past 12 months has been better that its expectations. However, due to the remaining challenges and lack of visibility facing the handset business, a stabilisation of the rating is still some time off. more

Fitch had previously guided that it would take a negative rating action if it was not convinced that Nokia could stabilise the revenue declines and be capable of generating positive single digit operating margins in its Devices and Services division. more

Fitch said that the downgrade reflects its view that the deterioration in the company's core Devices and Services division in Q1, together with the company guidance of -3% non-IFRS operating margins or below for the division for Q2 and the general lack of visibility beyond this point, more

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